Pending home sales in December were up 8.3 percent, according to the National Association of Realtors. The Midwest, South and West posted monthly gains in transactions while the Northeast recorded a loss. In the West, the pending sales index surged 14 percent, up 1.5 percent from December 2022.
Year-over-year, pending transactions nationally were up 1.3 percent.
“The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” said Lawrence Yun, NAR chief economist. “Job additions and income growth will further help with housing affordability, but increased supply will be essential to satisfying all potential demand.”